Offer Document Posted

Panther Securities PLC
03 November 2003


                                                           For Immediate Release


                                                              3rd November, 2003





                       Panther Securities PLC ('Panther')


                                 Offer Document





On 17th October, 2003 Panther announced its intention to make a cash offer for
the entire issued share capital of Oakburn Properties Plc ('Oakburn') on the
terms outlined in that announcement.


Panther announces that it has today sent to shareholders of Oakburn the formal
offer document and form of acceptance which set out the full terms and
conditions of the offer.











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